The Agreement of the Government Delegated Commission for Economic Affairs of 2 February 2012 instructing the Institute of Official Credit to implement the ICO-CCAA 2012 direct financing line and is authorised To charge the costs of the line in the budget item or the Fund of Provision regulated in the Royal Decree-Law 12/1995, of December 28, previews the opening of a line of transitory financing for Autonomous Communities and Cities with Statute of Autonomy to deal with maturities of autonomic financial debt and obligations to pay with their suppliers. This line of funding is subject to compliance with certain conditions of a fiscal and financial nature.

In the financial sphere, those Autonomous Communities or Cities with Autonomy Statute that use the financing of the ICO-CCAA 2012 line, must submit their new operations of financial indebtedness to the authorization of the General Secretariat of the Treasury and Financial Policy, which, by virtue of the principle of financial prudence, may decide not to authorise an operation of financial indebtedness where it considers that the costs of such an operation or the terms in the The Commission has already proposed that the Commission should be able to take a decision on the the applicant entity or that of other Autonomous Communities or Cities with a Statute of Autonomy or the General Administration of the State.

According to the agreement of the Government Delegation for Economic Affairs, it is up to the Ministry of Economy and Competitiveness to make new borrowing operations conditional on the compliance with certain conditions which ensure the prudence of these operations and the certification of compliance with these financial conditions, once effectively implemented. This conditionality implies the need for authorization by the General Secretariat of the Treasury and Financial Policy for the borrowing operations that occur after the financing line is granted. In order to grant such authorization, the General Secretariat of the Treasury and Financial Policy must take into account compliance with the principle of financial prudence, which, as the agreement establishes, must be defined by the Secretariat's Resolution. Treasury General and Financial Policy.

For all of the above, this General Secretariat has resolved:

First.

Those Autonomous Communities and Cities with Autonomy Statute that meet the ICO-CCAA 2012 Direct Financing Line will only be able to arrange borrowing operations on the terms set out in the following terms. paragraphs.

Second.

Instruments. The Autonomous Communities and Cities with Autonomy Statute will be able to carry out debt operations through the following instruments:

(a) marketable securities, issued by public or private issuance, on wholesale or retail markets.

b) Banking loans.

c) Credit lines.

d) Certificates of Debt under German law (Schuldschein).

(e) Other instruments to be authorised by the General Secretariat of the Treasury and Financial Policy provided that they comply with the conditions of this Resolution.

Third.

Financial conditions for debt transactions instrumentalized by marketable securities, whatever their term, certificates of debt issued under German law whatever their deadline, and other instruments with a maturity of more than 12 months. These borrowing operations shall be in accordance with the financial conditions set out below:

a) Conditions for operations not directed to the retail segment. The total cost of borrowing operations not directed at the retail segment, including fees and other charges, may not exceed a cost equivalent to 235 basis points on the ICO reference rate resulting from the last review half-yearly in the framework of the ICO-CCAA 2012 line.

b) Conditions for operations directed to the retail segment. The principle of financial prudence shall be assessed individually for emissions to the retail segment. Prior to the operation, the Autonomous Community shall present to the General Secretariat of the Treasury and Financial Policy an economic memory justifying the savings in financial costs of the operation. An issue shall be understood to be addressed to the retail segment where it cannot be subscribed by institutional investors that do not belong to the distribution network of the issue and the maximum amount per subscriber is equal to or less than one hundred thousand. euro.

c) Divisa. Emissions may be carried out in the following currencies: euro, yen, US dollar, pound sterling, Swiss franc, Canadian dollar, Swedish krona, Danish krone, Norwegian krone. In the event of a currency issue other than the euro, the currency risk shall be covered by a financial swap contract. The cost of that financial swap shall be incorporated in the calculation of the total cost of the issue which shall not exceed the limit set in paragraph a.

d) Payment of interest. Operations may be performed at the discount or with a periodic interest payment.

e) In no case can the creditor be granted the option of early repayment.

Fourth.

Debt transactions instrumentalized through instruments with a term of 12 months or less, other than negotiable securities and debt certificates issued under German law. The Autonomous Communities or Cities with Autonomy Statute that are engaged in the ICO-CCAA 2012 Direct Financing Line are obliged to respect in these operations the principle of financial prudence which, in these treasury operations, is specify that the costs and conditions under which they are contracted or renewed are similar or better to those of previous similar operations of the same debtor or are in line with those of other debtors of a similar credit rating. In addition, it will be ensured that short funding does not represent such a high percentage of total funding that the financial viability of the Communities or the debtor cities is jeopardised, either for its higher cost or for increased funding. In a reckless manner the risk of refinancing.

The Autonomous Communities or Cities with Autonomy Statute that take on the ICO-CCAA 2012 Direct Financing Line must report on the conditions applicable to these short-term operations to the General Secretariat of the Treasury and Financial Policy, including in such information a justification for compliance with the principle of financial prudence in the terms set out above. The General Secretariat of the Treasury and Financial Policy may object to the contracting of short-term transactions which are manifestly out of market or which result in an unjustified increase in the cost or risk to the debtor and for the rest of the system.

Fifth.

Operations with financial derivatives that do not have as a specific purpose the coverage of currency or interest rate risk shall not be permitted. The prohibition applies both to derivatives associated with a specific debt transaction and to derivative instruments traded separately.

Sixth.

A new debt transaction shall be considered, and therefore subject to the conditions required in this Resolution, any alteration in the existing conditions of debt transactions prior to the concertation of the ICO-CCAA 2012 Direct Financing Line, other than the extension of the amortisation period. The repayment period for these operations may be extended, but not reduced, provided that this extension is carried out under the same conditions as the original operation, or that it entails cost savings in respect of the original operation, The other conditions of the operation shall be maintained.

Seventh.

By way of exception, and by the Autonomous Community or City with a Statute of Autonomy of a memory detailing the extraordinary market circumstances and the reasons for the terms of the transaction, the Secretary-General of the Treasury and Financial Policy may authorise debt transactions that do not comply with one or more of the conditions of this Resolution

Eighth.

Obligations for information. Since the agreement of the ICO-CCAA 2012 line, the Autonomous Communities and Cities with Autonomy Statute have an obligation to communicate the final terms of their debt operations to the General Secretariat of the Treasury and Financial Policy.

Ninth.

The set of conditions mentioned in the previous paragraphs concretize the principle of financial prudence. If an Autonomous Community or City with a Statute of Autonomy carries out a debt operation which does not respect that principle, which is specified in the conditions set out above, the penalties provided for in the Commission's Delegated Agreement shall apply. Economic matters in relation to the increase in the cost of the ICO line, and may even be made to declare the Unavailable Line in the part unwilling and immediately payable on its part disposed of by the Community or the defaulting City. In view of changes in the conditions of the financial market situation, the conditions set out in the above paragraphs may be amended by Resolution of the General Secretariat of the Treasury and Financial Policy.

Madrid, February 23, 2012. -Secretary General of the Treasury and Financial Policy, Iñigo Fernández de Mesa Vargas.